Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
Edge, the firm behind the Edge crypto wallet, has rolled out Edge Mastercard, a one-of-a-kind crypto virtual card. The company announced this news yesterday, noting that the card is confidential. This means users do not have to submit know-your-customer (KYC) information or any personally identifiable information to use it.
According to the announcement, Edge Mastercard uses Mastercard’s open-loop merchant network. This network allows the spending of crypto at over 10 million merchants across the US. At the moment, the card is only available for use at US merchants. However, Edge is working on expanding its use beyond the US.
Touting the card’s ability to foster privacy, Edge co-founder Paul Puey said:
I can’t be more excited for the launch of the Edge Mastercard. Bitcoin users will finally be able to privately spend at thousands of merchants around the US without compromising ANY personal info… and without fees or delays to top up their card!
The card will offer users privacy while adhering to regulatory requirements at local, federal, and international levels.
Fostering Privacy And Economic Empowerment
Speaking to Decrypt, Puey said privacy is a crucial feature of Edge Mastercard. However, the card’s primary goal is economic empowerment. According to him, the card seeks to reduce the number of unbanked people.
Edge Mastercard holders will enjoy instant transactions at zero cost. Top-ups are also instant, minimizing the hassles of having to wait to use crypto. The card will work online and in-store for flexibility.
To get started, interested users only need to register for the card within the Edge app. While the card is virtual, users can part with $20 to get a physical Edge Mastercard. The $20 fee includes printing, encoding, and shipping costs. The option to get a physical card will be available later this month.